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ADR REPORT-Spanish companies advance on reform news
September 21, 2012 / 4:05 PM / 5 years ago

ADR REPORT-Spanish companies advance on reform news

NEW YORK, Sept 21 (Reuters) - U.S.-listed shares of Spanish companies were up on Friday, after Spain announced new reforms in social programs to meet conditions of an international bailout package.

Spain is considering freezing pensions and speeding up a planned rise in the retirement age as it races to cut spending to receive an international aid package.

As a result, shares of Spanish companies traded on Wall Street advanced. Broadband and telecommunications provider Telefonica, was up 1.2 percent to $14.64. Shares of banking group Banco Bilbao Vizcaya Argentaria, S.A. gained 3 percent to $8.38, and shares of Banco Santander, S.A. were up 3.3 percent to $8.

The hopes that Spain is gearing up to accept EU and ECB aid helped world shares claw their way back up on Friday. After three of the last four sessions in the red, the FTSEurofirst 300 clinged to gains, providing fragile support to a rise in the MSCI global index.

The news from Europe also fed through into the rest of the market. The BNY Mellon index of leading American depositary receipts was up 0.5 percent, while the Standard & Poor’s 500 index traded 0.2 percent higher.

The BNY Mellon index of leading European ADRs gained 0.6 percent.

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